Woori Financial Group is seriously considering a plan to make its insurance affiliate Tongyang Life Insurance a wholly owned subsidiary through a comprehensive stock exchange. Another insurance subsidiary, ABL Life Insurance, is also being considered for integration centered on Tongyang Life Insurance instead of being sold again.
According to the insurance industry on the 16th, Woori Financial Group is reviewing a plan to issue new shares and exchange them for Tongyang Life Insurance stock. Woori Financial Group holds 75.34% equity in Tongyang Life Insurance. To make it a 100% subsidiary, there are two methods: buying the remaining minority shareholders' stakes with cash or pursuing a comprehensive stock exchange. A comprehensive stock exchange requires a special resolution at a shareholders meeting.
Woori Financial Group is also reviewing a plan to integrate ABL Life Insurance centered on Tongyang Life Insurance. If the two companies merge, a life insurance company with 55 trillion won in assets as of the end of September last year would be created. It would overtake NH Nonghyup Life Insurance (53.75 trillion won) and KB Life (35.81 trillion won) to become the No. 5 life insurer.